Prupim invests in the Private Rented Sector

PRS Investment

PRS Investment

Prudential Property Investment Managers (Prupim) has acquired 534 Private Rented Sector (PRS) units, in 13 locations across Greater London, southern and south-east England, for a £105.4m.

The portfolio is owned by the Berkeley Group and has been part-funded by the Homes and Communities Agency as part of their drive to attract institutional investors into the PRS. A topic Young Group covered in depth in our Autumn/Winter edition of PRSupdate.

Prupim intend to manage the portfolio on completion, with Berkeley becoming a minority co-investor.

Alex Jeffrey, chief executive of Prupim, said: “The expanding residential rental property market, particularly in London and southern England, is gaining in appeal for institutional investors. We believe that returns from the sector – which have historically outpaced commercial real estate – will continue to be attractive as demand increases. We expect the supply and demand dynamics of the residential property market in London and the South East to remain favourable for investors, with continued strong demand for quality properties.”

Rob Perrins, managing director of the Berkeley Group, said: “The Private Rented Initiative was a pioneering way to provide high quality, professionally managed and affordable rented homes across London and the South East. This announcement is an excellent example of a public and private partnership working together to deliver against an ambition to attract long term institutional funding into the private rented sector.”

Chancellor George Osborne is attempting to encourage institutions to invest in the PRS in an attempt to reverse the UK’s current housing deficit. In March’s Budget, Mr. Osborne set aside £1bn in funding for PRS homes.

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